Autumn Statement

Today’s Autumn statement held little tangible for the commercial property industry, as the Chancellor spent longer talking about the restoration of a listed country house than he did about a fractional benefit to business rates relief. There was no mention of stamp duty, nor any significant detail on local infrastructure projects, which comes as an expected disappointment. However, less directly there is some good news in prospect. A focus on productivity and innovation are at the heart of new fiscal framework, the centrepiece of which is a new £23bn National Productivity Investment Fund, which will invest in transport, digital, R&D and housing. Noting that four days of work in Germany are as valuable as five in the UK, Hammond set a clear agenda on increasing productivity and delivering growth, rather than balancing the slightly iffy-looking books.